On September 4, 2024, New York Gov. Kathy Hochul signed into law an amendment to New York’s warranty reimbursement statute, N.Y. Veh. & Traf. Law § 465, requiring manufacturers to compensate dealers for labor using the...more
The Canadian Securities Administrators (“CSA”) have released a few updates this summer regarding National Instrument 93-101 Derivatives: Business Conduct and its companion policy (collectively, the “Business Conduct Rule”)....more
On June 25, 2024, the Motor Vehicle Regulation Advisory Committee of the Texas Department of Motor Vehicles (the “Advisory Committee”) rejected a rulemaking petition advanced by the Texas Automobile Dealers Association...more
On June 20, 2024, the Canadian Securities Administrators (CSA) issued a notice regarding Coordinated Blanket Order 31-930 - Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities...more
The Canadian Investment Regulatory Organization (“CIRO”) recently published for comment proposals relating to Phase 3 of its rule consolidation project (the “Rule Consolidation Project”) as well as a new integrated fee model...more
I wrote about a bill, SB 54, that would have required institutional investors, securities and real estate brokers, and others to report on the diversity status of "founding teams". At the time, I criticized the bill as being...more
On February 6, 2024, the Securities and Exchange Commission (SEC) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (Exchange Act), which significantly expand the definitions of “dealer” and “government...more
As lawyer, I pride myself of my ability to wordsmith; like most lawyers, I cannot resist marking up a draft even if it is only just stylistic changes. But sometimes, there is just no way to improve on someone else’s words....more
The Securities and Exchange Commission (the "SEC" or "Commission") has adopted new rules that further define the phrase "part of a regular business" for purposes of determining whether a person is a "dealer" or "government...more
The SEC’s ambiguous rule could have a chilling effect both on decentralized finance and on the provision of liquidity to centralized crypto exchanges. The Securities and Exchange Commission (SEC) adopted a new rule on...more
On February 6, 2024, by a vote of 3-2 along party lines, the Securities and Exchange Commission (the SEC or the Commission) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (the Exchange Act), which...more
SEC defines the phrase “as part of a regular business” to capture private funds and other market participants that take on liquidity-providing roles. The Securities and Exchange Commission (SEC) adopted new rules that...more
On Feb. 6, the Securities and Exchange Commission (SEC) announced two new rules that expanded the definition of “dealer” and “government securities dealer” under the Securities Exchange Act of 1934 (Exchange Act). These...more
High-frequency traders, private funds, decentralized exchange automated market makers, and even state pension plans should consider whether the expanded dealer definition triggers the need to register as a securities dealer...more
The Canadian Investment Regulatory Organization (“CIRO”) recently published for comment proposals relating to Phase 2 of its rule consolidation project (the “Rule Consolidation Project”), which is designed to bring together...more
On December 12, 2023, the Federal Trade Commission (FTC) announced it has finalized the Combating Auto Retail Scams Rule (CARS Rule), which imposes various obligations affecting dealers’ sales practices and will also impact...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 1, 2024 – January 5, 2024. ...more
A federal court in Wisconsin recently denied a manufacturer’s motion to amend a previously issued injunction in which the manufacturer sought permission to sell products via Amazon.com. Brava Salon Specialists, LLC v. REF...more
On July 11, 2023, the Senate Finance Committee released an open letter to the Digital Asset Community asking a variety of questions in connection with possible future legislation. Public comments must be emailed to the Senate...more
An issue that continues to captivate the electric vehicle manufacturing and financing industry is state law that prevents vehicle manufacturers from directly selling vehicles to buyers. In many states, a vehicle must be...more
Ten U.S. states have beverage container redemption laws, more commonly referred to as "bottle bills." Recent bottle bill changes in California and Oregon will soon impact the alcohol industry through the addition of canned...more
On October 17, 2022, Ontario Securities Commission (OSC) Rule 32-506 (Commodity Futures Act) Exemptions for International Dealers, Advisers and Sub-Advisers (OSC Rule 32-506) and amended OSC Rule 91-502 Trades in Recognized...more
The U.S. District Court for the District of Puerto Rico has recently ruled on a case dealing with Puerto Rico’s Dealer’s Contracts Act, also known as Law 75. Law 75 prohibits principals or suppliers from impairing their...more
In Central Jersey Construction Equipment Sales, LLC v. LBX Company, the U.S. District Court for the Eastern District of Kentucky recently dismissed a lawsuit based largely upon a plaintiff’s allegations of violation of the...more
Part Four in our series discusses U.S. federal income tax issues relating to Non-Fungible Tokens (NFTs) and provides an overview of how NFTs may be treated for U.S. federal income tax purposes. IRS Guidance - Notice...more